You can use the same API key provided that you sign the application with the same .apk signature key.
By default, debug.keystore, which is used to sign debug versions of your application, is automatically generated by the tools, and it is different for each installation. You will need to share the debug.keystore file between your team members and configure your tools to use it. In Eclipse, it is configured in Settings -> Android -> Build -> Custom debug keystore.
Of course, you will need a different API key for the version of the application signed for release.
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