GEORGETOWN, May 17 (Reuters) - Guyana's parliament

passed an oil pollution bill late on Friday that holds parties

liable for damages caused by oil spills, including from vessels.

The bill, which passed with a majority of votes cast in a

simple voice vote, is expected to soon be signed into law by

President Irfaan Ali.

Guyana, whose oil production is controlled by an Exxon

Mobil ( XOM )-led consortium is expected to surpass 900,000

barrels per day (bpd) this year. The South American country is

trying to reinforce oversight of its nascent energy industry,

where all crude and gas output comes from offshore fields.

The legislation stipulates that responsible parties provide

financial assurance to cover spills, conduct regular inspections

and audits, and address any issues found.

It also includes penalties for companies that fail to comply

with regulations, including the suspension of licenses to

explore and produce oil for those that do not provide the

financial assurance required.

Guyana, whose oil production is controlled by an Exxon

Mobil ( XOM )-led consortium is expected to surpass 900,000

barrels per day (bpd) this year.

Last year the country became Latin America's fifth largest

oil exporter after Brazil, Mexico, Venezuela and Colombia. The

Exxon group, which includes U.S. Hess and China's CNOOC

, produced an average of 631,000 bpd of oil in the

first quarter, 3% higher than in the same period last year.