Heat the oil in a large non-stick skillet over medium-high heat. Add the ground beef and break apart with spoon as it cooks.
Add the taco seasoning and continue to cook until beef is no longer pink.
Using the food processor, add the tomatoes and paste and pulse into a sauce. Add to skillet and mix in.
Add the water and simmer over medium-low heat until sauce has reduced and thickened, about 20 minutes.