Lower oil and natural gas prices have done little to undermine the resolve of oil and gas executives who advocate for U.S. offshore drilling.

Larry Nichols, chairman and chief executive of Devon Energy Corp. (DVN) said that these projects don't depend on current energy prices and can be developed economically and in an environmentally friendly fashion.

"Whether prices are high or low, these are long-term investments," Nichols said on the sidelines of the Offshore Technology Conference in Houston.

Nichols and other energy company executives told attendees that greater access to offshore drilling should be a key part of a U.S. energy policy that includes renewable energy sources such as wind power and biofuels. The comments reiterated the case these energy executives have made to U.S. lawmakers.

The panelists said they have continued to face opposition from some policy makers, who see energy policy as a choice between either fossil fuels or renewables.

Gary Luquette, president of Chevron North American Exploration and Production Co., said he supports renewables but oil and gas will still play a "very important role" in meeting the nation's energy needs.

"As an industry we have done a very poor job engaging key stake holders," he said. "We are our worst enemy."

Luquette encouraged OTC attendees to engage the "off oil agenda" and seek common ground.

"In my 30 years in this industry there has never been a greater call for engagement," Luquette said. "There is absolutely no reason for us to continue to fight off our back foot."

-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com