FILE PHOTO: Bob Dudley, Group Chief Executive of BP, speaks at the 2019 Milken Institute Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Lucy Nicholson/File Photo

LONDON (Reuters) - Brazil's closely-watched auction of offshore oil blocks looks "very expensive" and BP BP.L has yet to decide if it will take part in it, Chief Executive Officer Bob Dudley said on Tuesday.

“These transfer of rights, the terms are not all out there, they look very expensive,” Dudley said on an analyst call.

“We’re just going to remain very disciplined within our capital framework. We haven’t made any decision yet.”

BP was in discussions with state-controlled oil company Petroleo Brasileiro SA PETR4.SA over the auction, "but we're going to be really, really careful before we leap into that," he said.