Heat the remaining 1½ tablespoons of oil in the now-empty skillet over medium heat until shimmering.
Add the the bell pepper and the remaining ¼ teaspoon salt and cook, stirring occasionally, until the bell pepper starts to brown, 7 to 10 minutes.
Add the tomato paste and cook, stirring constantly, until the bell pepper pieces are coated in tomato paste, about 1 minute.
Add the garlic, paprika, and saffron and cook, stirring constantly, until fragrant, about 30 seconds.
Stir in the sherry and cook, stirring frequently, until the excess moisture has evaporated and the bell pepper mixture forms large clumps, 1 to 2 minutes.