In a large saucepan over a medium heat, fry the bacon in the oil until crispy. Remove from the pan, and set aside on a paper towel to blot. When cool enough to handle, chop into small pieces.
In the same saucepan, gently saute the diced onion in the remaining bacon fat until translucent and softened.
Add the sweet corn kernels and diced potato. Sprinkle over the smoked paprika, and stir in the stock.
Bring to the boil then reduce the heat to a simmer, cover and cook for 20-25 minutes, or until the potato is soft and can easily be crushed with a spoon against the pan edge.
Puree about ⅓ - ½ of the soup, depending on how much texture you like. Remember, depending on your blender, you might need to allow the soup to cool a little - safety first!
Return the soup to the saucepan, add the chopped bacon (reserving a little for garnish) and check and adjust seasoning (you might not need salt - stock and bacon will usually provide enough saltiness!)
Re-heat the soup gently, adding a little more stock to thin if needed, before serving sprinkled with the extra bacon bits.