Requested registry access is not allowed Error in webservice or website.

To fix  Requested registry access is not allowed error in webservice or website you need to know name of the event log and here is how to grant access:

https://support.microsoft.com/en-us/kb/842795

Grant permission to create a custom event log

1. Log on to the computer as an administrator.
2. Click Start, click Run, type regedit in the Open box, and then click OK. The Registry Editor window appears.
3. Locate the following registry subkey:

HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\Eventlog

4. Right-click Eventlog, and then click Permissions. The Permissions for Eventlog dialog box appears.
5. Click Advanced. The Advanced Security Settings for Eventlog dialog box appears.
6. In the Name column, double-click the Users group. The Permission Entry for Eventlog dialog box appears.
7. Select the Set Value check box, select the Create Subkey check box, and then click OK.
8. Quit Registry Editor, and then log off from the administrator account.