It latest bulletin, published in June this year, said revenues could be as low as £2.4bn for 2016/17 to 2019/20, with it highest estimate at £10.8bn, based on a best-case scenario of the oil price returning to 100 US dollars per barrel.
Scottish Conservative finance spokesman Murdo Fraser said: "The plunge in oil revenues for the first three months of this year is incredible.
"Whichever way you look at it, and with the best will in the world, there is just no way an independent Scotland could survive on this.
"We knew the price of oil was volatile and that this would be a risk. But to see such a radical drop is alarming.